final review

final review - Econ 103 Study Questions 1. Who was John...

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Econ 103 Study Questions 1. Who was John Maynard Keynes and what were his major contributions? One of the foremost economic intellectuals of his time. Preliminary work that led up to the General Theory (published 1936) unlocked some of the dynamics of capitalism as it had evolved decades past Marx work. Keynes is giving us an understanding abstractly and theoretically of how the economic system functions (capitalism), and what he saw were some fundamental flaws in the system that later when people really had enough time to understand what he said and process it, revealed and shed great light on why the great depression really occurred. Other people didn’t really understand it or talked about it in descriptive terms not analytical terms. Keynes provides an explanation for the collapse of stock and capitalism and suggested that we could end up in a long term state of stagnation and could only be brought out of that by the role of government. He begins to lay the groundwork for understanding the new role of government in a capitalist market economy. Most American economists didn’t even begin to understand Keynes until the early 1950’s. Main points.
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This note was uploaded on 04/20/2008 for the course ECON 103 taught by Professor Shackelford during the Spring '08 term at Bucknell.

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final review - Econ 103 Study Questions 1. Who was John...

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